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Author: BlueBobo Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 50182  
Subject: Horrendous experience with dljdirect. Date: 1/19/1999 1:18 PM
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I am wondering if anyone has advice to offer. I opened an account w/ dlj and placed two orders with no cash upfront. The orders were filled (I'net stocks) for a loss @day's close. I sent the check the same morning but honestly forgot to sign it. They, without giving me the opportunity to replace the funds, liquidated the stocks for an ~$5k loss (one of the stocks has risen 4Xsince I 'bought' it. They are now pusuing me for the loss. An absolutely terrible first-time experience!!Any suggested recourse?
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Author: minnat Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9303 of 50182
Subject: Re: Horrendous experience with dljdirect. Date: 1/19/1999 2:33 PM
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You should check the account agreement you signed with them. I believe it obligates you to settle (send the check, signed) within 3 business days of the trade. I also believe they have the right to liquidate your investment to satisfy what you owe them, if they did not receive a cashable check.

I'm sorry, I know this is an expensive lesson.

Minna

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Author: tkprit Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9304 of 50182
Subject: Re: Horrendous experience with dljdirect. Date: 1/19/1999 2:35 PM
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maybe there is recourse, although I doubt it: they make it pretty clear up front that they have to have the funds within the three business days, or sell the stock.

while DLJ is one of the few (only?) that'll extend you that credit to begin with, and wiring funds is an option (as is overnighting them), I'd like to see something in place on your account page -- like in the "ALERTS"! -- warning that the required funds haven't been 'satisfactorily received' (like in your case, no signature on check; or no acct number on check). That would at least give you a few hours to wire them the funds!

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Author: megeranski Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9340 of 50182
Subject: Re: Horrendous experience with dljdirect. Date: 1/20/1999 2:26 AM
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[[ I am wondering if anyone has advice to offer. I opened an account w/ dlj and placed two orders with no cash upfront. The orders were filled (I'net stocks) for a loss @day's close. I sent the check the same morning but honestly forgot to sign it. They, without giving me the opportunity to replace the funds, liquidated the stocks for an ~$5k loss (one of the stocks has risen 4Xsince I 'bought' it. They are now pusuing me for the loss. An absolutely terrible first-time experience!!Any suggested recourse? ]]

any recourse? for THEM?? you must mean.

YOU did something wrong and now your complaining about the broker????? ROFLOL!! i've seen it all, now!! give me a break!

guess you won't do THAT again, huh? <grin> <grin> <grin>

lesson:
you GOTTA read the fine print. GOTTA.

-megeranski
who HATES reading the fine print, but would rather die than not do it.

fine print is THE MOST IMPORTANT PART!! one everything in life: credit cards, auto warranties, life insurance policies and marriage.

sorry you had to learn the hard way -- wait a minute. i think this is something we ALL had to learn the hard way, one way or another, right? but i cannot believe we all then turned around then bashed someone else for our own shortcomings.
shame on you.


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Author: BlueBobo Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9350 of 50182
Subject: Re: Horrendous experience with dljdirect. Date: 1/20/1999 11:36 AM
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For those who don't understand it there is a difference between 'doing something wrong' and making a mistake (of course that seems to be a general societal problem, doesn't it). And for those of you who choose to laugh at someone else's misfortune (another sad problem), I hope that you will not someday suffer from your misguided sense of humor.

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Author: rbednarski Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9353 of 50182
Subject: Re: Horrendous experience with dljdirect. Date: 1/20/1999 1:23 PM
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BlueBobo:

It was not the fact that you made the original mistake that was being lampooned. It was the fact that you apparently thought that the broker should eat the loss your mistake caused. What did you expect them to do? Deposit the check without a signature? I sympathize with your loss but I do not sympathize with your attitude that someone else should bear the financial responsibility for *your* mistake. Do the right and honorable thing and make good the loss.

rb

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Author: megeranski Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9416 of 50182
Subject: Re: Horrendous experience with dljdirect. Date: 1/22/1999 2:19 AM
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BlueBobo:

It was not the fact that you made the original mistake that was being lampooned. It was the fact that you apparently thought that the broker should eat the loss your mistake caused. What did you expect them to do? Deposit the check without a signature? I sympathize with your loss but I do not sympathize with your attitude that someone else should bear the financial responsibility for *your* mistake. Do the right and honorable thing and make good the loss.

rb


rb:
well said!

BlueBobo:
i have, as a matter of fact, been on the recieving end of such a situation. more times than i care to recall!! <embarrassed grin>. BUT -- i never once tried to shift the blame from where it belonged; on myself. if i did a silly mistake (i have much experience in THAT department, let me tell you!) i didn't blame anyone else. it was MY learning experience, after all.

I AM sorry that this happened to you. it was a significant chunk of change, after all. but look closer - you can't blame them ( you might even be liable for fraud for sending that check - at least they aren't suing you). perhaps you can one day look at this and laugh.

-megeranski
who has many many stories to laugh about! :-)


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Author: tkprit Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9457 of 50182
Subject: Re: Horrendous experience with dljdirect. Date: 1/23/1999 2:38 PM
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re: DLJdirect in general, what happened to me was that I sent in a signed check, but it didn't quite cover the amount due -- by a PENNY! Another "honest mistake" in that I simply wrote down the wrong amount on the check. A penny off!

They didn't sell anything, though... my balances just show that I owe that penny! So I'm sending them the penny... actually, I'm sending them a little chunk of money that'll cover the penny and then some.

However, I have to admit I'm a bit impressed that they didn't sell securities to cover the penny.

I *still* wish DLJdirect could drop you an email if there is an issue that will require your immediate attention, but otherwise I'm a bit impressed with DLJdirect so far.

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Author: trudyKAS One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9478 of 50182
Subject: Re: Horrendous experience with dljdirect. Date: 1/24/1999 9:22 AM
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DLJ and the penny

I had a similar experience recently. DLJ was very good about handling an incorrect check amount.

They were far more accomodating than I would have been considering SEC rules.

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Author: supp98 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9495 of 50182
Subject: Re: Horrendous experience with dljdirect. Date: 1/24/1999 7:23 PM
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Until your post I had not even considered making a purchase without already having the deposit in the account. Do you really have that much trust in the Post Office...scarry!

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